U.K. Regulator Contacted WPP Over Martin Sorrell Probe
20 April 2018 - 6:44PM
Dow Jones News
By Adam Clark
The U.K.'s Financial Conduct Authority has contacted advertising
giant WPP PLC (WPP.LN) over the company's probe into an allegation
of personal misconduct against recently departed founder and chief
executive Martin Sorrell.
"It is the responsibility of a listed company to ensure that
they identify potential inside information and take steps to
disclose it appropriately to the market. The FCA routinely contacts
firms or their advisers to clarify press commentary, announcements
and events and did so in this case," an FCA spokesperson said
Thursday.
The FCA didn't detail any further steps it may take, or what it
sought to clarify in reference to WPP's disclosure.
Earlier this month, WPP said an independent counsel has been
appointed to look into "an allegation of personal misconduct" after
The Wall Street Journal reported on the probe.
"We had a call from them after The Wall Street Journal article
and our first announcement to ask if we could share any further
details. We advised that we had satisfied all of our disclosure
obligations and there was no additional information we needed to
share," a WPP spokesperson said Thursday.
"They were aware that we were ensuring we were discussing
obligations with our legal advisers. They have not made any
additional requests," the spokesperson said.
WPP has said Mr. Sorrell's departure is being treated as a
retirement, and although it is looking into the potential misuse of
company assets, the amounts in question weren't material. Mr.
Sorrell has denied any financial impropriety.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
April 20, 2018 04:29 ET (08:29 GMT)
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